Pidilite Blog

Saturday, February 25, 2006

History of The Company

1969

- The Company was incorported as a private limited company on 28th July under the name of Parekh Dychem Industries Pvt. Ltd., to acquire and take over on a going concern the business carried on by a partnership firm M/s. Parekh Dychem Industries established in 1961 and having a factory in Mumbai. The Company was promoted by Balvantray Kalyanji Parekh along with his brothers. The brand names, are being Fevicol, Fevibond, Fevigum, Pidifix, Pidivyl, Pidicryl, Acrolise, etc.

- The Company undertook to set up synthetic resin project with a capacity resin project with a capacity of 3000 TPA at Mahad Industrial area in Raigad district, Maharashtra. Also undertook to set up a constructions chemicals project at Taloja industrial area, Taloja, Maharashtra.

1984

- Three other companies in the same group viz., Kodivita Pvt. Ltd., erstwhile Pidilite Industries Ltd., and Triveni Chemicals Ltd. were amalgamated with the Company effective 1st July, 1st April 1989 and 1st April 1992 respectively.

- The Name of the Company was changed to PDI chemicals private limited on 1st July, and then to PDI chemicals limited, on 28th October, 1988. Name was once again changed to Pidilite Industries Ltd., on 21st February, 1990.

1989

- Effective 1st April, Pidilite Industries Ltd. was amalgamated with the Company. As per the scheme of amalgamation, 1,93,500 No. of equity shares of Rs 10 each and 72,000-15% preference shares of Rs 10 each were allotted to the shareholders of erstwhile Pidilite Industrial Ltd.

1992

- As per the Scheme of Amalgamation approved by High Court of Mumbai, Triveni Chemicals Ltd., (TCL) was merged with the Company effected 1st April. Accordingly 90588 No. of equity shares of Rs 10 each and 40,000-15% preference shares of Rs 10 each were allotted to the erstwhile shareholders of TCL. 38,49,034 shares allotted in prop. 72:10 to promoters on 29.1.93.

1993

- 15,36,378 shares issued at a premium of Rs 100 per share in October. Of which 1,50,000 shares issued on preferential allotment basis to Viny Chemicals India Ltd. (only 1,35,000 shares taken up). Balance 13,86,378 shares along with 1,50,000 shares not taken up were issued to the public (all were taken up).

- Apuraj Chemicals Ltd., was amalgamated with the Company. As per the scheme of amalgamation, 66,000 No. of equity shares of Rs 10 each were allotted to the shareholders of erstwhile Apuraj Chemicals Ltd.

- The first phase of grass root plant for manufacture of synthetic resins of various types was commissioned in March at Mahad with a capacity of 7800 TPA. In the second phase, a loop process plant for continuous emulsion polymerisation was to be commissioned.

- Introduction of several new products in technical collaboration with M/s. Crown Berger Ltd., U.K.

- The Company allotted 61,17,200 No. of equity shares of Rs 10 each as bonus shares in the ratio of 1:1. 3,800 shares were kept in abyeance due to dispute relating to the title of the same.

1997

- 600 bonus shares allotted from Bonus Share Issue Suspence Account.

- The company has set up three wind mills of 230 kv each at Village Pransla near Dhank In Gujarat.

- The Pedilite Industries Limited, manufacturer of the popular Fevicol brand of adhesives, is actively scouting around for buyers for its chemical and specially resins business. The company has been in talks with several international players in a bid to either sell off the business or enter into a joint venture.

1998

- Triveni Chemicals, another group company was also merged with PIL in 1992. PIL's consumer products division was set up in 1984.

- The Board of Directors gave their approvals for the amalgamation of PGP Engineering works Ltd and Pidilite Finance Ltd. with the company itself effective 1-4-99. Also, Nebula Chemicals Ltd. manufacturers of certain grades of adhesives, was to be amalgamated with the company subject to necessary approvals.

- 2,800 bonus shares kept in abeyance allotted.

1999

- Pidilite Industries is re-engineering itself into a pure brand-oriented marketing company and is hiving of its manufacturing facilities into a joint venture with a strategic partner.

2000

- The Company has acquired from Mahindra Engineering & Chemical Products Ltd (MECP), subsidiary of Mahindra & Mahindra Ltd, their adhesives and sealants business consisting of the brand M-Seal and Mr. Fixit along with goodwill of MECP's adhesives and sealants business.

2001

-Pidilite Industries Ltd has posted 5.76% lower net profit at Rs.12.76cr for the second quarter as compared to Rs.13.54cr in the same period last year.

2002

-Income Tax Department has issued a notice to Pidilite Industries Ltd, for an additional income tax liability of Rs.16cr.

-Pidilite Industries has taken over an insulation tape brand called Steel Grip, for Rs.8cr from Bhor Industries.

-Pidilite Industries is expanding its presence in Fabric care, car care and stationery segments as part of its strategy to broadbase its produt portfolio.

2003

-Pidilite Industries has tied up with Chota Jadugar, the 3D movie distributed by Srinagar films to help its new launch AcronRangeela Colours